Promaxo, an AI-powered medical imaging enhancement platform, announced the closing of an investment round of $4.17 million led by Huami.
The medical technology company plans to use the new funds to accelerate its data strategy as it continues to incorporate artificial intelligence in imaging and image-based interventions.
Using a combination of linear and genetic optimization algorithms, the company’s medical imaging system forms the magnetic field within the field of view to maintain linearity and uniformity constraints while being thermally stable, the company said. Further, the medical imaging system advances the limits of medical imaging by encapsulating high-quality magnetic resonance imaging at a low magnetic field into a small form-factor, according to the company.
“As an industry, we are just scratching the surface of how powerful MRI is poised to become in guided interventions, and we are proud to have Huami as a strategic investor as we introduce our truly open MRI system to the masses,” said Dr. Amit Vohra, founder, and CEO of Promaxo.
“Huami’s mission is to connect health with technology, and we see tremendous opportunity in imaging to expand our growth opportunities. Companies such as Promaxo are disrupting the locations, applications, and costs of medical imaging. Huami has resources, such as miniaturization engineering expertise, that can help accelerate Promaxo’s scaling, growth, and success, and we look forward to what our partnership can develop,” said Huami Chief Operating Officer Mike Yeung.
According to the Mercom Digital Health Funding database, Medical Imaging companies have raised over $1 billion since 2010. Recently, Subtle Medical, a provider of AI-powered solutions for medical imaging enhancement, raised $12.2 million in a Series A funding round, led by 3E Bioventures Capital. RapidAI, an AI-powered cerebrovascular imaging platform, raised $25 million in a Series B round led by Lennertz.